Ericsson Telephone Company (ERIC) pushed the Telecommunications industry higher today making it today's featured telecommunications winner. The industry as a whole closed the day up 0.9%. By the end of trading, Ericsson Telephone Company rose 15 cents (1.7%) to $8.95 on light volume. Throughout the day, 2.6 million shares of Ericsson Telephone Company exchanged hands as compared to its average daily volume of five million shares. The stock ranged in a price between $8.86-$8.96 after having opened the day at $8.87 as compared to the previous trading day's close of $8.80. Other companies within the Telecommunications industry that increased today were: RIT Technologies (RITT), up 15.4%, Mitel Networks Corporation (MITL), up 7.4%, Level three Communications (LVLT), up 6.6%, and Calix (CALX), up 6.5%. Ericsson provides network infrastructure, telecom services, and multimedia solutions to mobile and fixed networks operators worldwide. Ericsson Telephone Company has a market cap of $29.03 billion and is part of the technology sector. The company has a P/E ratio of 15.8, above the average telecommunications industry P/E ratio of 11.2 and below the S&P 500 P/E ratio of 17.7. Shares are down 16.7% year to date as of the close of trading on Thursday. Currently there are three analysts that rate Ericsson Telephone Company a buy, no analysts rate it a sell, and 10 rate it a hold. TheStreet Ratings rates Ericsson Telephone Company as a buy. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, largely solid financial position with reasonable debt levels by most measures, attractive valuation levels and good cash flow from operations. We feel these strengths outweigh the fact that the company has had lackluster performance in the stock itself.
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